May admits 'hard facts' in Brexit deal

LONDON - British Prime Minister Theresa May called on Friday for a wide-ranging free trade deal with the European Union after Brexit, but admitted it was time to face the "hard facts" about the economic consequences of leaving the bloc.

In a detailed speech just weeks before starting negotiations on the future partnership with Brussels, May confirmed Britain would leave the EU's single market and customs union after Brexit in March 2019.

In its place she called for the "broadest and deepest possible agreement, covering more sectors and cooperating more fully than any free trade agreement anywhere in the world today".

But she acknowledged for the first time that Britain may suffer new trade barriers by severing its formal ties, a move driven by a desire to end mass migration and throw off EU rules.

"I want to be straight with people because the reality is we all need to face up to some hard facts. ... In certain ways our access to each other's markets will be different," she said.

The EU's chief negotiator Michel Barnier welcomed the "clarity" on Britain's position, as well as "a recognition of trade-offs".

He said her proposals would inform the bloc's guidelines, which are expected to be drawn up next week before being approved by EU leaders at a summit in three week's time.

In her speech in London, May suggested the new trade deal would include "binding commitments" to agree some regulations such as on state aid and competition.

In a bid to maintain "as frictionless as possible" trade in goods, May promised to commit to some regulations and minimum standards, while reserving the option for Britain to diverge.

Reaction to the speech was mixed, with Carolyn Fairbairn, director-general of the Confederation of British Industry, saying May had rightly set the bar high for the economy and jobs.

However, Jeremy Corbyn, leader of the country's main opposition Labour Party, said May had read out a long list of problems, but failed to provide any solutions.

Irish Premier Leo Varadkar said he remains "concerned that some of the constraints of leaving the customs union and the single market are still not fully recognized".

He also urged Britain to present "more detailed and realistic proposals".

Northern Ireland will have Britain's only land border with the EU after Brexit, as the Republic of Ireland is remaining in the bloc, and all parties want to avoid a hard border, over fears it could upset the island's fragile peace.

AFP - Xinhua

(China Daily 03/04/2018 page9)